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Confused By Canadian Finances?

A few reports came out this week, underscoring the knowledge gap between Canadian consumers and the state of their personal finances. An annual debt report released by BMO finds household debt levels continue to skyrocket, as consumers clamour for mortgages and cheap credit. Meanwhile, a study shows many TFSA investors still aren’t clear on their contribution rules.

Read on for the full story, plus the rest of the week’s top headlines.

Should You Really Worry About Your Household Debt?

Canadians are carrying more debt these days – but no one seems to be too worried about it. Should consumers be more concerned?

The amount of debt carried by Canadian households rose sharply last year, according to BMO’s Annual Debt Report. The uptick is partly due to an increase in mortgages, and some argue that rising property values will offset the risk. But what if the housing market cools?

What To Do When Your Rental Tenant Leaves

Renting out a portion of your home can be a great way to increase your affordability as a homeowner. But relying on rental income to pay your mortgage can be risky. Sean Cooper shares his experience finding – and – losing tenants. Read on for the full story.

Mortgage Discounts To Last Through Summer’s Dog Days

Summer may be winding to a close, but Canadians can expect to savour record-low mortgage rate pricing along with lingering plus temperatures and long daylight hours.

Fixed-rate mortgages will remain on their discounted trend, as low bond yield levels give lenders the ability to competitively price their offerings. Variable mortgage rate borrowers can also sleep tight, as the Bank of Canada maintains the Prime rate will not be changed until 2016.

Did You Over-Contribute to Your TFSA? You’re Not Alone

The Tax Free Savings Account (TFSA) has now been available to Canadian consumers for six years – but Canadians are still unclear on how to use it. The CRA reports many savers are over-contributing – and getting dinged by tax penalties for their efforts.

4 Lessons: How You Can Stretch Your Back-to-School Budget

Canadians have less to spend on back-to-school gear this year, according to a study by Ersnt & Young. Are you among those pinching your pennies? Read on for Allan’s dad-tested and approved school savings lessons.